Citigroup Boosts Pegasystems (NASDAQ:PEGA) Price Target to $70.00

Pegasystems (NASDAQ:PEGA) had its price target increased by stock analysts at Citigroup from $66.00 to $70.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s target price would suggest a potential upside of 18.99% from the company’s previous close.

A number of other analysts have also recently issued reports on PEGA. Barclays upped their target price on Pegasystems from $50.00 to $58.00 and gave the company an “equal weight” rating in a research report on Wednesday. DA Davidson upped their target price on Pegasystems from $50.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday. KeyCorp decreased their price objective on Pegasystems from $59.00 to $47.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Rosenblatt Securities increased their price objective on Pegasystems from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, July 21st. Finally, JMP Securities increased their price objective on Pegasystems from $55.00 to $62.50 and gave the stock a “market outperform” rating in a research report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.91.

Pegasystems Stock Up 1.3%

Shares of NASDAQ PEGA opened at $58.83 on Thursday. The stock has a market cap of $10.06 billion, a PE ratio of 50.50 and a beta of 1.13. Pegasystems has a 52-week low of $29.84 and a 52-week high of $59.85. The business has a 50-day moving average price of $51.29 and a 200 day moving average price of $45.68.

Pegasystems (NASDAQ:PEGA) last announced its earnings results on Tuesday, July 22nd. The technology company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. The firm had revenue of $384.51 million during the quarter, compared to analysts’ expectations of $345.07 million. Pegasystems had a return on equity of 42.42% and a net margin of 13.14%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.26 EPS. Sell-side analysts anticipate that Pegasystems will post 1.89 earnings per share for the current year.

Insider Buying and Selling at Pegasystems

In other news, Director Larry Weber sold 2,200 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $45.78, for a total transaction of $100,705.00. Following the completion of the transaction, the director directly owned 13,094 shares of the company’s stock, valued at approximately $599,377.85. This represents a 14.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kenneth Stillwell sold 4,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $52.64, for a total value of $210,560.00. Following the transaction, the chief financial officer directly owned 49,350 shares of the company’s stock, valued at approximately $2,597,784. This trade represents a 7.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 243,788 shares of company stock worth $13,870,048. 49.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pegasystems

A number of large investors have recently modified their holdings of PEGA. CX Institutional purchased a new position in Pegasystems in the 1st quarter valued at approximately $36,000. SBI Securities Co. Ltd. increased its stake in Pegasystems by 139.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 549 shares of the technology company’s stock valued at $38,000 after purchasing an additional 320 shares in the last quarter. UMB Bank n.a. increased its stake in Pegasystems by 159.8% in the 2nd quarter. UMB Bank n.a. now owns 730 shares of the technology company’s stock valued at $40,000 after purchasing an additional 449 shares in the last quarter. GAMMA Investing LLC increased its stake in Pegasystems by 50.5% in the 1st quarter. GAMMA Investing LLC now owns 599 shares of the technology company’s stock valued at $42,000 after purchasing an additional 201 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Pegasystems in the 1st quarter valued at approximately $57,000. 46.89% of the stock is owned by hedge funds and other institutional investors.

About Pegasystems

Pegasystems Inc develops, markets, licenses, hosts, and supports enterprise software in the United States, rest of the Americas, the United Kingdom, rest of Europe, the Middle East, Africa, and the Asia-Pacific. The company provides Pega Infinity, a software portfolio comprising of Pega Customer Decision Hub, a real-time AI-powered decision engine to enhance customer acquisition and experiences across inbound, outbound, and paid media channels; Pega Customer Service to anticipate customer needs, connect customers to people and systems, and automate customer interactions to evolve the customer service experience, as well as to allow enterprises to deliver interactions across channels and enhance employee productivity; and Pega Platform, an intelligent automation software for increasing efficiency of clients’ processes and workflows.